“All of the traditionally supportive reasons for buying gold don’t seem to work right now,” Frank Cholly, a senior commodity broker at RJO Futures, told Bloomberg. “The argument for gold as a safe haven or protection against inflation just isn’t there. We have a risk-on market, with a lot of money pouring into equities. It doesn’t look too good for gold.”
GLD is down about 14% the past six months.
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Full disclosure: Tom Lydon’s clients own GLD.